When I ask my students what they are most concerned about when getting into real estate, one answer is always in the top five concerns: “How do I pick the “right” brokerage company for me?” Choosing the right brokerage company is one of the most important decisions a new real estate agent can make. The brokerage you choose can have a significant impact on your success as a real estate agent. With so many brokerage companies to choose from, it can be overwhelming to decide which one is the right fit for you. In this post, I’ll give you tips on how a new real estate agent should pick the brokerage company they want to join.
When evaluating different brokerage companies, it’s important to ask questions to get a clear understanding of their package and how it differs from others. Some questions you may want to ask include:
At I Love Real Estate School we give our students a list of 54 questions to ask on an interview because we believe that you are interviewing the brokerage as much as they’re interviewing you. Additionally, when considering the overall package offered by different brokerages, pay attention to factors like the commission split, fees, and potential for growth. Some brokerages may offer lower commission splits but also have lower fees or a higher potential for growth. Others may offer higher commission splits but have more fees or a more competitive market. Also, make sure to look at what happens to your compensation on deals that haven’t closed should you ever leave the brokerage.
When determining which brokerage to join you need to take the emotion out of the decision and make sure you’re comparing apples to apples. While I understand that this is an exciting decision you need to control your emotions. You are looking for the brokerage that is going to best support your goals in real estate. My advice is to not make the decision to join a brokerage on your first visit to that office. After your appointment, go home and evaluate all of their answers to your questions and then, if you feel it’s the right fit for you, you can let them know you intend to join them.
One last thing for you to consider. As important as it is to pick the “right” brokerage for you, keep in mind that if it turns out not to be what you were expecting or promised, you are not stuck there! You made a mistake. It’s okay. That happens. You can always decide to take your talents to another brokerage which may be perfect for you.